Chenghe Acquisition I Co., a special purpose acquisition corporation (SPAC), has announced a further postponement of its extraordinary general meeting of shareholders. Originally scheduled for Monday, October 14, 2024, and then adjourned to Wednesday, October 23, the meeting is now set for Friday, October 25, 2024, at 9:00 a.m. Eastern Time.
The meeting will be conducted via live webcast for shareholders to vote on proposals detailed in the definitive proxy statement filed with the SEC on September 30, 2024.
The record date remains September 20, 2024, for shareholders entitled to vote at the meeting. Shareholders who have already voted do not need to take any action unless they wish to change their vote.
The company has also extended the deadline for shareholders to submit Class A ordinary shares for redemption in connection with the Extension Amendment Proposal until 5:00 p.m. Eastern Time on October 23, 2024. Shareholders looking to withdraw their redemption requests can do so before the rescheduled meeting.
Chenghe Acquisition I Co., incorporated in the Cayman Islands, aims to engage in mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses. Additional information regarding the company can be found on its website.
The proxy solicitation agent for the company, Sodali & Co., can be contacted for further details about the meeting and the proposals. The proxy statement and other relevant documents have been made available to shareholders and can be accessed through the SEC's website or directly from the company.
This press release is based on a statement from Chenghe Acquisition I Co. and does not constitute a solicitation of a proxy or an offer to sell or buy securities. Any securities offerings will be made only by means of a prospectus or an exemption from registration requirements.
In other recent news, Chenghe Acquisition I Co. has reported significant financial developments, with the disclosure of $45.9 million held in its trust account. The company also issued a non-convertible unsecured promissory note for up to $500,000 to its sponsor, Chenghe Investment I Limited, payable upon the completion of a significant business combination.
In addition to financial updates, Chenghe Acquisition I Co. announced changes in its executive leadership, with Zhiyang Zhou transitioning to the role of President and the appointment of Yixuan Yuan and Zhaohai Wang as the new CEO and CFO, respectively.
Chenghe Acquisition I Co. has committed to paying $0.03 per share for the first period and $0.05 per share for the second period to those who do not elect to redeem their shares immediately after the meeting. These recent developments provide insight into the ongoing operations and strategy of Chenghe Acquisition I Co.
InvestingPro Insights
As Chenghe Acquisition I Co. (LATGU) navigates its SPAC journey, InvestingPro data provides additional context for investors. The company's market capitalization stands at $83.82 million, reflecting its current size as it seeks a potential business combination.
InvestingPro Tips highlight that LATGU's stock generally trades with low price volatility, which could be appealing to risk-averse investors during this period of uncertainty surrounding the SPAC's future. Additionally, the stock price often moves in the opposite direction of the market, potentially offering diversification benefits.
It's worth noting that LATGU is not profitable over the last twelve months, with an adjusted operating income of -$2.51 million. This is typical for SPACs pre-merger, as they focus on identifying acquisition targets rather than generating operational profits.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into LATGU's financial position and market performance.
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